French President Endorses Say’s Law!

Earlier this month, François Hollande, the president of France who calls himself a “socialist,” endorsed Say’s law, the idea that production is more important than consumption if you want to grow the economy. This supply-side formula originally was propounded by the great French economist, Jean-Baptiste Say, in the early 19th century, and is commonly phrased “Supply creates its own demand.”

On January 14, 2014, President Hollande used Say’s maxim as a guide for the French economy of the future:

Translated, he stated: “The time has come to resolve the main problem of France: its production. Yes, I mean its production. We need to produce more, we must produce better: Supply even creates demand.”